New York Times Business News ---
To Starbucks, a Closing; To Newark, a Trauma
The planned closing of a Starbucks in Newark pains those who saw it as a welcome sign of normalcy.
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Woes Afflicting Mortgage Giants Raise Loan Rates
The troubles at Fannie Mae and Freddie Mac could deal another blow to the housing market, as higher interest rates make it harder to refinance existing debts.
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Bank Investors Redefine Bad News
Results that would have once been viewed as disastrous are now seen as good, even great, by some.
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U.S. Offers a Subsidy Concession at Trade Talks
In global trade talks, the United States offered to cut $1.4 billion more in subsidies to American farmers than in its previous offer.
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A Mortgage Rescue Strains Calculations
The Congressional Budget Office said a proposed rescue of Fannie Mae and Freddie Mac could appear on the federal budget as a $25 billion cost to taxpayers, but the figure is, at best, a rough estimate.
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Vodafone Cuts Revenue Forecast
Vodafone, the world’s largest cellphone operator, said it was cutting its revenue forecast for the year to around $79.6 billion, the lower end of its previous estimate.
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Uprising Against the Ethanol Mandate
The Texas governor is leading a coalition seeking to waive the federal ethanol mandate because of costly grain.
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Building’s Sale at a Loss Reflects Market Travails
The office building at 1372 Broadway is changing hands at a loss of $41 million compared to its sales price a year ago.
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Stocks and Bonds: Stocks Surge as Investors Cheer Drop in Oil Prices
A modest rally on Wall Street accelerated in late trading on Tuesday, as another steep drop in oil prices sent the Dow Jones industrial average surging 135 points to its highest close in a month.
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Schwab Names Chief to Succeed Founder
The nation’s largest discount brokerage Charles Schwab said that it had appointed Walter W. Bettinger II as president and chief executive, to succeed its founder.
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Profit at U.P.S. Meets Forecast
United Parcel Service reported profit in line with analysts’ expectations on Tuesday, despite high fuel costs and a weak national economy.
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Nissan Says Electric Cars Will Be Quickly Profitable
The capabilities of Nissan’s electric cars, to be introduced in 2010, will vary by country but none will have range-extending gasoline engines, the company’s chief executive said.
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BP Will Withdraw Its Engineers in Russia
BP is fending off a corporate raid by its Russian partners backed by Russian regulatory authorities, part of the strategy of which is to expel expatriate staff members from their joint venture.
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Drug Firm’s Profit Surpasses Estimates
Biogen Idec reported a higher-than-expected second-quarter profit on Tuesday as sales of its closely watched multiple sclerosis drug Tysabri surged past Wall Street estimates.
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New Law Turns Brown Into Green for New York State
A planned law change would reward developers for undertaking particularly demanding environmental cleanups.
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Speculators Aren’t Driving Up Oil Prices, Report Says
A preliminary study by a federal task force concluded that the rise in oil prices over the last five years was “largely due” to rising demand for oil, rather than speculation.
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Prices of Food and Gas Take a Toll in Asia
With large price increases for commonly used commodities, countries like India and Vietnam are already having to deal with double-digit inflation.
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Advertising: Direct Mail Tries to Go Green. No, Really.
A group of direct-marketing companies, along with a handful of their corporate clients, are banding together to make an inherently unsustainable practice at least a little bit greener.
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Talk of Chief’s Health Weighs on Apple’s Share Price
Despite reassurances that he is cancer free four years after he was treated for pancreatic cancer, analysts are worried that Steven P. Jobs might be sick again.
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Earnings at Caterpillar Climb 34%
The construction and mining equipment company widely beat expectations, as strong growth in emerging economies offset weakness in North America, Western Europe and Japan.
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